Navigating Asset Liabilities Owner's Equity for Success Key Highlights The part of a company's assets that belongs to the owner, after taking away what the company owes, is known as owner's equity. By looking at this number, we can tell how financially healthy a business is and show its worth to people who might […]
How to Calculate Net Pay: A Step-by-Step Guide Key Highlights Gross pay refers to an employee's total taxable income for a pay period before any deductions are made. Net pay, on the other hand, reflects the amount the employee will receive after deductions are made. Deductions from gross pay may include income tax, Medicare […]
TPAR Report Guide: Demystifying the Process Key Highlights If your business pays contractors for their work, you'll need to fill out a Taxable Payments Annual Report (TPAR). By doing this, it helps make sure everyone is paying the right amount of tax, stops people from avoiding taxes, and keeps things fair in the tax […]
Streamline Your Month End Closing Process Key Highlights The month-end closing process involves recording, reconciling, and reviewing all transactions and finalising account data for the month. By streamlining your month-end closing process, you can save time improve accuracy, and make more informed business decisions. Key steps to streamline month-end closing process include establishing a […]
How Long to Keep Tax Records in Australia Key Highlights In Australia, it's not just a smart move but also a rule to keep your tax records straight. The Australian Taxation Office (ATO) sets the minimum time you need to hold onto these records. For businesses and individual taxpayers alike, this period is usually […]
Unlocking the Benefits of Having an ABN Key Highlights Establishing a strong business identity with an ABN Access to advantages such as tax exemptions and deductions Eligibility for government grants and incentives Strengthening your online presence with an Australian domain name Streamlining business operations and ensuring compliance The process and requirements for ABN registration […]
Beginner's Guide: What is Bank Reconciliation Key Highlights Bank reconciliation is the process of comparing a company's bank statements to its own records to ensure all transactions are accounted for. It helps identify discrepancies and prevent fraud and theft from the bank account. Performing regular bank reconciliations is crucial for maintaining accurate financial records and […]
Understanding What Does Net 30 Payment Terms Mean Key Highlights Net 30 payment terms provide businesses with a 30-day period to pay their invoices It is a form of trade credit that allows businesses to extend financing to their customers Offering net 30 terms can attract more customers and improve customer relationships Net 30 […]
Small Business Benchmarks Demystified Key Highlights The ATO uses benchmark ratios and data to monitor small business performance. Falling outside the benchmarks can lead to audits or questioning by the ATO. ATO benchmarks are important for tax compliance and can help businesses review their operations. They prevent tax evasion by identifying businesses that may […]
